BARS Smo Gold

 
TIDMBARS 
 
BLACKROCK ABSOLUTE RETURN STRATEGIES LTD 
 
Interim Management Statement - 3 months to 30 September 2012 
 
To the members of BlackRock Absolute Return Strategies Ltd 
 
This interim management statement has been produced solely to provide 
additional information to shareholders as a body to meet the relevant 
requirements of the UK Listing Authority's Disclosure & Transparency Rules. It 
should not be relied on by any other party for any other reason. 
 
This interim management statement relates to the period from 1 July 2012 to 
30 September 2012, and contains information that covers this period, and up to the 
date of publication of this interim management statement. Please note further 
detailed performance information, including the estimated weekly net asset 
values are available on the Company's website www.blackrockinternational.com/ 
bars/library/literature. 
 
Following approval of the Managed Wind-down by Shareholders on 25 August 2011, 
BlackRock Absolute Return Strategies Ltd is managed with the intention of 
realising all remaining assets in the Portfolio, in a manner consistent with 
the principles of prudent investment management and spread of investment risk, 
with a view to returning invested capital to the Shareholders in an orderly 
manner. 
 
Stock Performance 
 
Cumulative Performance: 
                             30 September  30 June  31 March   31 December 
                                     2012     2012      2012          2011 
GBP Shares* 
 
Share Price                         GBP9.00    GBP9.56     GBP8.92         GBP9.31 
Net Asset Value per share           GBP9.66    GBP9.80    GBP10.07         GBP9.95 
Discount                            6.83%    2.45%    11.42%         6.43% 
 
* the Euro and US Dollar denominated share classes were merged into the 
Sterling denominated share class on 9 March 2012. 
 
Manager's Review 
 
US and European monetary policy announcements helped to ease investor concerns 
over lurking macroeconomic risks, generally driving valuations of risk assets 
higher in the third quarter.  The President of the ECB expressed a willingness 
to "do whatever it takes" to support the financial stability of the Eurozone. 
Meanwhile, the Fed launched its third major quantitative easing program in an 
attempt to accelerate tepid US economic growth. 
 
Material Events & Transactions 
 
There were no material events or transactions, except as disclosed, during the 
three months to 30 September 2012, nor was the Company involved in any other 
material transactions during the period except as disclosed herein. 
 
Monthly and Quarterly Reports 
 
The Company continued to publish monthly and quarterly updates during the 
period, copies of which were also submitted to the National Storage Mechanism. 
 
Liquidity Update 
 
The following announcement was released on 19 November 2012: 
 
Company Update - Liquidity Profile 
 
The Board of Directors is providing shareholders with an estimate of the 
current liquidity profile of the portfolio of BlackRock Absolute Return 
Strategies Ltd (the "Company"). This liquidity profile relates to the 
availability of funds without taking into consideration issues of portfolio 
balance. Generally, certain strategies such as Long/Short Equity are more 
liquid than other strategies, such as Distressed investing. In order to 
maintain portfolio balance, it may be deemed advisable to effectuate liquidity 
in a balanced manner rather than the most expeditious manner. This may lead to 
a slower pace of actualized monetizations as compared to the table below. 
 
The table below sets forth the Company's current estimate of the earliest 
possible redemption date schedule for the Company's portfolio. It summarises 
the liquidity of remaining investments as well as taking into account available 
cash and cash receivables held in the portfolio. The liquidity analysis assumes 
that: (1) where redemption notices are currently placed, it is assumed 
redemption proceeds will be received in the normal course following the 
applicable redemption date; (2) for portfolio holdings for which redemption is 
possible but redemption notices have not yet been placed due to the balanced 
manner in which the wind-down is being managed, and taking into consideration 
lock-ups, fund-level gates that are currently implemented and any 
investor-level gates, as applicable, it is assumed that redemption notices have 
been placed at 1st November 2012 and proceeds will be received in the normal 
course following the applicable redemption date(s); (3) for portfolio holdings 
that are either in side-pockets, suspended or liquidating, redemption dates are 
estimated based on the Investment Manager's current understanding of the 
underlying fund's targeted date(s) for lifting its suspension or paying out 
proceeds, as applicable. In each case, actual receipt of proceeds will follow 
the corresponding redemption date. 
 
Date                Cumulative Redemption 
 
30th November 2012          40.4% 
31st December 2012          65.8% 
31st March 2013             68.2% 
30th June 2013              71.8% 
30th September 2013         75.0% 
31st December 2013          80.6% 
31st December 2014          91.1% 
 
The above liquidity schedule is based on the Company's portfolio investments 
and related estimated net asset values as of 1st November  2012(1), and actual 
or anticipated changes in liquidity (gates, side pockets, suspension or 
liquidation) that have been communicated to the Investment Manager by the 
underlying funds. 
 
Actual proceeds would be expected to be received following the relevant 
redemption date in accordance with the underlying fund's stated terms, 
generally within 60 days (with the exception of proceeds held back until the 
completion of the applicable annual audit), although where liquidity is 
constrained, receipt might be further delayed. Other factors, including future 
events, may affect the Company's ability to redeem its holdings in accordance 
with the estimated timeframes set out above, as well as the availability, 
amount or timing of receipt of redemption proceeds. 
 
The above details of the Company's estimated portfolio liquidity profile are 
indicative only and should not under any circumstances be considered a 
prediction, forecast or guarantee of the Company's actual portfolio liquidity 
profile or an indication as to the timing of distributions to shareholders 
pursuant to the managed wind-down of the Company's portfolio which was approved 
by shareholders on 25 August 2011. In addition, there is no guarantee that the 
Company's assets will be realized at their net asset value, and it is possible 
that the Company may not be able to realize some of its assets at any value. 
 
Notes: 
 
(1) The above liquidity schedule is based on the estimated US dollar net asset 
    values communicated to the Investment Manager by the underlying funds. These 
    estimated net asset values do not take into account the potential impact of the 
    Company's currency hedging policy. Currency fluctuations may impact materially 
    the actual redemption proceeds available for distribution to shareholders. 
 
Second Redemption 
 
At the close of business on 6 July 2012, 55.9% of the Company's issued share 
capital was redeemed.  The payment made to Shareholders and the number of 
shares redeemed were as follows: 
 
                        Number of shares      Resulting shares  Amount paid per 
                                redeemed           outstanding            share 
 
Sterling denominated 
shares                         1,806,516             1,428,138         GBP10.1096 
 
Third Redemption and Cancellation of the Company's Listing 
 
The Company released the following announcement on 16 November 2012: 
 
Redemption of Shares 
 
Further to the powers granted to the Board at the Company's extraordinary 
general meeting in August 2011, the Company today announces that approximately 
35.26 per cent. of the Company's issued share capital will be redeemed at close 
of business on 23 November 2012 (the "Redemption Date") by way of a compulsory 
partial redemption of shares by reference to the unaudited estimated monthly 
NAV of the Company as at 31 October 2012 of GBP9.71 per Share (the "Third 
Redemption"). 
 
The Third Redemption will be effected pro rata to holdings of shares on the 
register at the close of business on the Redemption Date (which is the record 
date for the purposes of the Third Redemption), being 23 November 2012. The 
payments made to shareholders in respect of redeemed shares will be as follows: 
 
GBP4,889,439 to the Sterling share class (equivalent to GBP9.71 per share) 
 
Fractions of Shares will not be redeemed and so the number of shares to be 
redeemed for each shareholder will be rounded down to the nearest whole number 
of shares. The amount to be applied to the partial redemption of shares 
comprises the monies from the realisation of the Company's investments to be 
received up to and including 13 November 2012 pursuant to the winding down of 
the Company, less any funds used or required to settle any liabilities 
(including the estimated ongoing day to day running costs of the Company and 
the costs and expenses of this partial redemption). 
 
As at today's date, the Company has 1,428,138 Sterling shares, in issue of 
which none are held in treasury. All of the shares redeemed on the Redemption 
Date will be cancelled. 
 
The Company's Shares will be disabled in CREST on the Redemption Date and the 
existing ISIN number JE00B8BKNL68 (Sterling) will expire. The new ISIN number 
JE00B705MR41 (Sterling) in respect of the remaining Shares which have not been 
redeemed will be enabled and available for transactions from and including 
26 November 2012. Up to and including the Redemption Date, Shares will be traded 
under the old ISINs and as such, a purchaser of such Shares would have a market 
claim for a proportion of the redemption proceeds. CREST will automatically 
transform any open transactions as at the Redemption Date into the New ISINs. 
 
Cancellation of the Company's listing 
 
Since the announcement on 28 June 2012, the Board of BlackRock Absolute Return 
Strategies Ltd has continued to monitor the cost efficiency and benefits of 
retaining the Company's listing during the managed wind-down process.  Given 
the resulting size of the Company following this third redemption, the Board 
announces that an extraordinary general meeting (EGM) shall be convened to 
consider the cancellation of the admission of ordinary shares to the Official 
List and to trading on the London Stock Exchange's Main Market for listed 
securities. Such cancellation is expected to become effective, subject to 
shareholder approval at the EGM, in early January 2013. A shareholder circular 
and formal notice in respect of the EGM will posted to shareholders as soon as 
practicable with a view to holding the meeting in December 2012. The meeting 
will be held at One Waverley Place, Union Street, St Helier Jersey JE2 3RF. 
The time and date of the meeting will be confirmed in the notice. 
 
Half Yearly Financial Report 
 
The Company announced its half yearly financial results for the period ended 
30 June 2012 on 22 August 2012. 
 
The Board is not aware of any material events or transactions, except as 
disclosed herein, occurring between 1 July 2012 and the date of publication of 
this interim management statement which would have a material impact on the 
financial position of the Company. 
 
BlackRock (Channel Islands) Limited 
Secretary 
 
Date: 19 November 2012 
 
END 
 

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